COVID-19 Summer Update

Did you know you can sell all or a portion of a life insurance policy, even term insurance?

(4 minute read)

As of summer 2020, all 50 US states have made some progress toward reopening businesses after the social distancing that defined springtime. The question on everyone’s mind is, “What effect will these moves have, potentially creating a second wave of coronavirus?”

Depending on which experts you refer to, the United States hasn’t even exited the first wave yet. One NPR article explains that while the social distancing initiatives of March, April, and May 2020 helped reduce the number of new cases and slow the spread, we still saw an average of 22,000 new cases per day into June—and now that number has increased to over 40,000.

According to the same NPR article, forecasters now anticipate that anywhere from 56,000-90,000 people could die from COVID-19 between now and October 1. What does this mean in your area, and what steps should be taken to prepare before colder weather sets in? Here’s some early numbers and advice about coronavirus in summer 2020.

Is Coronavirus Getting Worse With the Economy Reopening?

One of the biggest concerns about coronavirus that made social distancing important is how easy it is for one person to infect many others. It’s estimated that each person with COVID-19 infects two to three others. With other diseases like the flu, each person usually infects just one other person on average.

Social distancing made it so that each person carrying coronavirus only infected one other person, or less. But with states reopening on different timelines and travel between states going back to normal too, this number is expected to rise.

In fact, 21 states have already seen an increased rate of infections since starting to relax social distancing restrictions around Memorial Day at the end of May. Alabama, Oregon, and South Carolina have seen the biggest COVID-19 increases, with Alabama’s daily cases up 92% in seven days, Oregon’s up almost 84%, and Oregon’s up 60%.

Not every person who gets coronavirus ends up in the hospital, but hospitalizations are going up in at least 12 states: Alaska, Arkansas, Arizona, California, Kentucky, Mississippi, Montana, North Carolina, Oregon, South Carolina, Texas and Utah.

7 states have maintained a steady rate of infection, while 24 are trending downward. Overall, more than 2.5 million people in the United States have been infected with coronavirus and more than 112,000 have died.

How to Protect Against COVID-19 in Summer 2020

The biggest advice from experts across the board on how to protect against coronavirus isn’t that different from the advice given in the spring.

Continuing to avoid large gatherings and frequently washing your hands are the two best ways to avoid catching COVID-19 this summer. If you do want to gather with friends and family, it’s highly advised to do this outdoors versus indoors. It’s also a good idea to keep gatherings on the shorter side to avoid being exposed for a long period if anyone does happen to be sick.

Generally, for high-risk individuals, wearing a mask and continuing with social distancing is recommended. Some experts attest that if everyone would wear masks, the pandemic would end sooner. Cloth masks or surgical masks have become required by some businesses, while others argue they don’t stop transmission. One study showed that the cotton cloth masks stopped almost no transmission from 8-9 inches away. But the study failed to examine how the mask could protect you from someone coughing further off, like from 6 feet away. It is clear that cloth masks do prevent infected individuals from spreading the virus to others when social distancing is also observed.  

This is why proponents of masks say they should be worn because of the potential for asymptomatic transmission. This happens when someone is a carrier for COVID-19 but doesn’t know it because they aren’t showing symptoms yet, or might not ever show symptoms. In public, one of these people not wearing a mask could infect many others.

Early on in the pandemic it was believed that 50% or more of infected people might never show symptoms. Now, the World Health Organization & other experts estimate it is more like 20-40%. This large spread of percentages is due to the unknown nature of the coronavirus and all the new things scientists are still learning about this disease.

Take COVID-19 Seriously This Summer

As we continue to learn more about the coronavirus and witness the effects of economic reopening and large gatherings, each person will have to strike a personal balance between risk and isolation. However, we also have to work together in our local communities and as a nation to control the spread and minimize risks for those doing essential work. From the highest levels of government and policymaking on down, all we can do is make our best effort and adapt as new information becomes available.

Did you know you can sell all or a portion of a life insurance policy, even term insurance? Selling an unwanted life insurance policy is no different than selling your car, home or any other valuable asset that will create immediate cash. Contact us today to learn more.

Leo LaGrotte
Life Settlement Advisors

Get in touch with Life Settlement Advisors today to take the first step toward converting your policy into cash.
Life Settlement Advisors
Leo LaGrotte
At Life Settlement Advisors, we strive to be a voice of confidence and assurance for our clients. Our goal is to educate you about the life settlement process so you can make an educated decision about whether it is right for you.

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